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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
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